Commercial Real Estate

Purchase of Westside Towers Is Complete

The sale of West Los Angeles' Westside Towers to Douglas Emmett Realty Advisors has closed.

Brentwood-based Doulgas Emmett paid $87.75 million for the two 12-story buildings on West Olympic Boulevard. That comes to about $217 per square foot for the 405,000-square-foot towers.

This sale--the latest purchase by privately held Douglas Emmett, which buys and operates commercial real estate on behalf of institutional investors--more than triples what the firm is estimated to have paid for the Imperial Bank building on Wilshire Boulevard in July.

At the time of the sale, the towers were about 90% leased. Its major tenants include Silicon Graphics and American Express.

First Property Corp. represented the seller and original developer, Westside Associates Ltd.